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Monte Carlo Simulation & Operational Gaming

Explain what is meant by a Monte Carlo simulation? Explain what is meant by operational gaming and give one example.

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Brief Explanation of Monte Carlo Simulation & Operational Gaming

What is meant by a Monte Carlo simulation?

The Monte Carlo simulation is used as a means to accurately estimate the probability of an uncertain event. Anyone in the field of finance, project management, energy, manufacturing, engineering, research and development, insurance, oil & gas, transportation, and the environment rely of the Monte Carlo simulation as an important tool in the decision-making process requiring a risk analysis.

The Monte Carlo simulation works by substituting a range of values of uncertain factors and produces distributions of possible ...

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Brief Explanation of Monte Carlo Simulation & Operational Gaming

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